Chinese blue chips jumped 5.7% on top of a 7% gain last week to their loftiest level in five years
London — Global stock markets rallied to four-week highs on Monday as investors counted on a revival in Chinese activity to boost global growth, even as surging coronavirus cases delayed business re-openings across the US.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6% to its highest since February, with the bullish sentiment spilling into other markets.. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.8%. “We advise against regarding uncertainty as a reason for exiting markets. Instead, we see ways for investors to cope with uncertainty — including averaging into markets — or even take advantage of volatility,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
“The dollar has also been weaker over the past five days so emerging markets, led by China, normally do well on that back of that.” The risks, combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data. While US 10-year yields edged up to 0.7% on Monday, well off the June top of 0.959%.
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